Macroeconomic Report & Economic Updates
October 16, 2017
Nigeria Economic Update (Issue 40)
Global crude prices settled lower in the review week (September 29 to October 6, 2017). Precisely, a barrel of Brent crude sold for about $56, showing a 6.3 percent decrease. Nigerias Bonny light exchanged at $56.76 per barrel as at October 6, 2017. The draw down in price may be attributable to indications of higher output, as revealed by the addition of more production rigs by the U.S, rise in Iraqs crude exports and survey showing OPECs overall boosted supply.
Related
Export Commodity Prices And Long-Run Growth Of Primary Commodities-Based African Economies
There
is a link between primary commodity export prices and economic performance.
Many African economies are primary commodities export biased, often in few
primary commodities. Previous studies focus on the impact of commodity prices
on growth in Africa with little attention paid to different primary commodities
and level of diversification in primary commodities export. This study,
investigates the effect of primary commodity prices on the long-run growth of 24
primary commodities-based African economies; by commodity types and level of
diversification in primary commodities exports.